19.02.21
16:19
Economics
How Chinese people contribute to the Spring Festival economic boom under "stay put" policy
China's economy continued to gather steam during the Spring Festival period, although millions of people have stayed put for the weeklong holiday starting on Feb. 11, which usually sees mass migration across the country.
Check out how Chinese people contribute to the Spring Festival economic boom under "stay put" policy.
- 1. Retail and Catering
China's online sales exceeded 122 billion yuan during the holiday, with online catering sales surging 135 percent compared with the Spring Festival holiday last year as more Chinese have stayed put and ordered ready-to-eat meals through e-commerce or online food delivery platforms.
From Feb. 11 to 16, online payments through the China UnionPay network, the country's largest bank card payment processor, reached 1.18 trillion yuan, up 3.9 percent year on year and hitting a record high.
- 2. Courier
The collection volume was close to three times that of the same period last year, and the delivery volume was three to four times greater.
The country has encouraged people to stay put over the holiday to reduce the risk of infections during the travel rush. Unable to attend family gatherings, holiday parties and get-togethers, many chose to send gift parcels or make purchases online for their families and friends across the country, pushing up logistics demand.
- 3. Box Office
The jump-start in China's Spring Festival box office came after the COVID-19 outbreak forced the unprecedented cancellation or postponement of movie releases during the same movie season in early 2020, and moviegoing has become an increasingly prominent pastime for Chinese people during this holiday.
- 4. Short-distance travel
The holiday witnessed growth in "hotel vacations" involving hot springs, parks, and family and romantic getaways, while local ticket-booking orders increased by over 300 percent compared with the Spring Festival in 2019, data from online travel agency the Trip.com Group showed.
Meanwhile, the accommodation consumption in the suburbs of Beijing including Yanqing, Miyun and Huairou tripled year on year, while that in the suburbs of Shanghai such as Chongming, Qingpu and Jiading almost doubled, industry data showed.
TV BRICS reports with reference to Xinhua News Agency.
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